I'm trying to set up a payroll item for a company contribution to a pension plan that I want to appear in box 52 on employee's T4. When setting up the payroll item, box 52 is not available. Help?
Great question. Thanks for clarifying that the mileage bit seems to have added itself to your question. I'll have my team check into that kind of thing and focus on Box 52 and how to deal with that in QuickBooks Desktop.
Setting up payroll items can help with keeping things nice and simple, especially when it comes to filling out T4s come tax time. As you've seen, many of the boxes can have payroll items created for them in the program, but in this case, Box 52, being an adjustment item, is not included. That means manually making note of the figure for that box outside of the program and entering it onto the T4 when you're preparing it. Learn more about the process here: T4 and Relevé-1 forms
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Let me know if you have more questions.
Thanks for your reply Laura. I guess I was trying to get it all set up properly now, so that I don't have to worry that I'll forget to make the adjustment to Box 52 when preparing T4's many, many months from now. If you do find a solution to this, I would really appreciate hearing about it. We prepare T4's for many different companies, so anything I can do now to help make the process easier in February is one less thing to worry about!
I hear what you're saying! The less we have to worry about, the better. If I come across a solution, I'll track down this post and let you know. Also, some other members here in the QuickBooks community might have workarounds they've been using that they can tell you about. People are great about sharing in this environment and helping each other achieve their goals. :)
rsteeves was asking how to enter a payroll item that hits Box 52 on a T4. According to the Government of Canada website, the figure for that box comes from a pension adjustment. This is how I've based my answer. As a non-accountant, I could be mistaken. If you have more insight into Box 52 on the T4 form, that's awesome and I welcome it. :)
Yes, that is what the Gov. of Canada calls it for their purposes. You don't have to be an accountant but you do have to read carefully: it is actually an employer's contribution to an employee's pension which creates the adjustment reported in box 52. Nothing to do with a QB Payroll Adjustment. The OP wants to know how to record a Company Contribution to affect box 52. This is a question about how to use QB, not about the Gov. of Canada definition for Box 52.
Thanks everyone for your input. Yes, it is a company contribution to the employee's pension, and it is based on the employee's hours. (ie. the employer contributes $3.50 for every hour that the employee works to the employees pension as per union rules). It is not a deduction for the employee, but rather an adjustment to their RRSP contribution room. I had just thought that there might be a way that QB would be able to track this and have the amount appear in Box 52. I was just surprised that Box 52 was not an option when setting up this payroll item. Oh well, I'll just have to put reminders in our T4 prep file so that I will remember to do this next January/February and manually enter the amount in Box 52 unless QB has a 'fix' in a future update.
So i have come across this issue also. What i am going to do is put it in box 20 to track it and at T4 time just manually put it in Box 52.
I really hope QB comes up with a solution to have box 50 & 52 display!!!!!!!!!!!
So, I m dealing with this issue as well.
Does this mean we have to print the T4 paper copies and then hand write on the T4 in Box 52
Submit the T4's and T4 Summary to CRA via paper copies?
QuickBooks lets you review the T4 and it is at that time I type in the amount I need in box 52, print and then send off to CRA. If it is a RPP you will also have to type in the register pension plan number in box 50.
Like I said in my post... I use the box 20 ( it is for employee contributions only)for company contributions and employee contributions so therefore I also have to manually keep track of each amount for each employee on a separate spreadsheet. It is a big pain in the butt so I hope QuickBooks comes up with a fix for this or I may just change software as it is not a time saving and too much room for error when having to track and input manually.
Thanks glenile for your quick response.
I was hoping that I would be able to type in the amount on the preview. (Haven't tried yet)
We have an employer contribution for DPSP.
I can get each employees total for the year on the Payroll Summary Report.
Each month I use this report to gather the totals for each employee to submit to our Plan Carrier.
I currently have the Tax Tracking feature turned to none, as recommended by the QB support when I setup the DPSP Employer Contribution item. (The Payroll Summary Report provides the totals/employee without needing a spreadsheet) Maybe this tip might help you eliminate the need for a manual spreadsheet)
Thanks again...….Cheers, Tammy
Yes, hard to believe others using QB payroll don't have use for Box 52 Tax Tracking.
So anyone out there that needs this, send a request to the QB suggestion box. (I have)
The more that ask, the better chance of getting the job done!
(At least that is what the QB Support person told me)
Happy T4ing fellow QB users...….